In September 2011, CVC funds completed the acquisition of a 15% stake in Rizal Commercial Banking Corporation (RCBC).
RCBC was established in 1960, and is the number four universal bank in the Philippines in terms of assets and deposits and offers a range of commercial, retail and corporate banking products and services. As of 31 December 2010, the company had total assets of PHP320.0 billion (US$7.4 billion), total deposits of PHP236.8 billion (US$ 5.5 billion) and normalised net income of PHP3.1 billion (US$72 million).
The bank has more than 350 branches and over 550 ATMs across the country, concentrated largely in the more densely populated Metro Manila and Luzon regions.
The investment by CVC marks an important milestone in RCBC's distinguished history and we are pleased to have such a high calibre and knowledgeable partner with whom we can grow and pursue new opportunities in the years ahead.